This increase sees ING topple Bank of Queensland in the savings account interest rate pecking order according to Savings.com.au market research.

Bank of Queensland responded to the RBA's February decision on Wednesday, however flagged no increase to savings accounts. 

ING previously lifted its Savings Maximiser rate to 4.55% p.a. in December following the eighth consecutive RBA cash rate increase.

New and existing ING customers are eligible for the new rate of 4.80% p.a. for balances up to $100,000 from 14 February 2023.

@savings.com.au ING has decided to share the love with savers this Valentines Day, announcing it will increase its popular Savings Maximiser rate to 4.80% p.a. 🦁 To keep up to date with the latest, head to savings.com.au #fintok #fintokaustralia #ausfinance #finance #savingsaccount #moneytok #ing #money #banking #bankingnews ♬ original sound - Savings.com.au

Further, ING will also increase Savings Accelerator account offerings by 0.25% which will see customers with less than $50,000 in their Saving Accelerator will earn an interest of 2.35% p.a., up from 2.10% p.a.

Customers with greater balances of $50,000 to $150,000 in their Saving Accelerator will earn an interest of 3.25% p.a., up from 3.00% p.a., while customers with more than $150,000 in their Saving Accelerator will earn an interest of 3.45% p.a., up from 3.20% p.a.

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ING 4.80% p.a. Savings Maximiser eligibility criteria

To receive ING’s rate of 4.80% p.a. customers must:

  • Deposit at least $1,000 from an external source.
  • Make five or more settled card purchases.
  • Grow the balance on the nominated Savings Maximiser account by making sure the balance of the account is greater at the end of the month than the month prior.

See more: Which banks are increasing savings rates following February's cash rate rise?


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      Important Information and Comparison Rate Warning

      All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of February 27, 2024. View disclaimer.

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